Riyad Capital issues Q3 2026 profit forecasts for 8 Saudi firms

Riyad Capital issued its Q3 2026 earnings forecasts for eight companies in the food, retail, consumer services and capital goods sectors.

Almarai: Riyad Capital expects revenue to grow 10%, driven by higher sales volumes across segments. It forecasts gross margin to contract by 130 basis points year-on-year (YoY) to 30% in the third quarter of 2026.

Net profit is estimated at SAR 622 million, marginally up 1%.

Jarir: The brokerage expects revenue to rise 3% year-on-year in Q3, with the back-to-school season likely to be the main highlight of the results. Gross margin is forecast to edge up by 20 basis points (bps) YoY.

Net profit is estimated at SAR 343 million, up 5% YoY, supported by the back-to-school season. New smartphone launches are also expected to affect results, although most of the impact is likely to materialize in Q4 2026.

Riyad Capital added that Jarir’s defensive characteristics helped the stock outperform the index over the past 30 days.

BinDawood Holding: The brokerage expects revenue to grow 9% YoY to SAR 1.7 billion, while gross margin is forecast to decline to 33% due to cost pressures and other factors, including higher supply chain costs and intensifying competition in grocery retail.

Operating profit is forecast at SAR 79 million, down 7% year-on-year.

MC4: Riyad Capital expects revenue to grow at a low single-digit rate YoY, supported by exports and stronger demand, with gross margin remaining stable. Net profit is forecast to remain unchanged year-on-year at SAR 52 million, while net profit margin is expected to decline by 94 bps, mainly due to higher non-operating costs and zakat and income tax expenses.

Riyadh Cables: The brokerage expects third-quarter revenue to exceed SAR 3 billion, up 10% YoY, driven mainly by volume growth. Net profit margin is forecast to remain stable at 10.3%, despite a continued year-on-year contraction in gross margin due to changes in the product mix.

Net profit is forecast to rise 10% YoY to SAR 310 million.

Burgerizzr: Riyad Capital expects revenue to grow 30%, supported by branch expansion and contributions from its subsidiary Shovel. Gross margin is forecast to narrow slightly to 34.0% from 34.7%.

The third-quarter net profit is estimated at SAR 6.8 million, compared with SAR 3.6 million in Q3 2025.

Nahdi: The brokerage expects steady revenue growth of 5% YoY, with a slight decline in gross margin as the lower-margin Wasfaty program accounts for a larger share of revenue. Revenue growth is expected to lift operating profit by 11% YoY to SAR 204 million, while net profit is forecast to rise 6%.

Aldawaa: Riyad Capital expects revenue to fall 4% YoY to SAR 1.6 billion, with retail pharmacy sales declining 10% as the company continues to lose market share to Nahdi following the latter’s entry into the Wasfaty program in late 2025. Growth in the wholesale business is expected to partially offset the decline.

Operating profit is forecast to fall 34% YoY to SAR 69 million, with gross margin declining to 33% and operating expenses falling more slowly than gross profit.